Sequoia And Accel To Lead $10 Million Round In Rigi
Rigi, a Bengaluru-based platform for creators, influencers and celebrities to manage, grow, and monetize their community, is in advanced stage talks to raise around $10 million in a new funding round.
First reported by Entrackr, Sequoia and Accel will be the lead investors and will collectively put around $10 million in the Bengaluru-based platform. As per one of the sources, existing backers and some angels may also participate in this round.
Rigi | Manage, Grow and Monetize Your Community
Founded by Ananya Singhal and Swapnil Saurav in late 2021, Rigi is a Bengaluru-based platform for influencers that enables them to manage, grow, and monetize their community. It aims to help both established and aspiring online creators who want to pursue their passion.
The Bengaluru-based platform helps creators take care of periodic subscription reminders, retargeting and promotions. Rigi app allows users to create both paid and free WhatsApp and Telegram groups and sell courses and host secure webinars with only authenticated attendees.
The influencer marketing platform mainly targets a set of influencers who are primarily more active on Telegram and WhatsApp rather than on YouTube, Instagram, or other social media platforms.
Ananya and Swapnil had earlier co-founded real money gaming platform Halaplay, which was later taken over by public listed company Nazara Technologies.
Rise of Influencer Marketing
With increasing internet penetration, online media consumption in India is steadily increasing, leading to the rise of influencer marketing.
Backed by growing nano and micro-influencers, influencer marketing in India is growing exponentially. These influencers are making an impact and have become the first choice of brands. According to the INCA India Influencer Report, influencers now make up 73% of marketing budgets, as opposed to celebrities, who only get 27%.
Another report highlighted that Indian Influencer could grow 25% annually and become a Rs 2,000 crore industry by 2025.
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